| In recent years,in order to solve the capital bottleneck in the economic and social transformation and upgrading,the integration of financial capital and industrial capital has become a new trend.In addition,green technology innovation is the foundation for enterprises to achieve industrial upgrading and sustainable development.Therefore,financial-industrial integration and enterprise green technology innovation is of great significance to the green development of enterprises.In view of this,under the background of the diversified development of industry and finance,this thesis investigates the effect of financial-industrial integration on enterprises’ green development performance,and also analyzes the impact of enterprises’ green technology innovation on the relationship between the two.Specifically,firstly,based on the principle of triple performance,this thesis constructs the enterprise green development performance system from the three aspects of enterprise economic performance,social performance and ecological environment performance,and then obtains the enterprise green development performance index by using the combination of principal component analysis and entropy method to measure the green development level of industrial enterprises;Secondly,the dual difference propensity score matching model is used to study the impact of financial-industrial integration on the green development performance of enterprises,and the comparison of the effects of financialindustrial integration on the triple performance of enterprise green development performance;Thirdly,the variable of green technology innovation is included in the study to reveal the moderating effect of green technology innovation on financialindustrial integration and the green development performance of enterprises;Fourthly,based on the strength of financial-industrial integration,the nature of enterprise property rights and enterprise size of sub-sample comparative study.The results are as follows: firstly,financial-industrial integration has a significant promoting effect on the improvement of green development performance of industrial enterprises;Among them,financial-industrial integration has no significant effect on enterprise economic performance and social performance,mainly through environmental performance to promote the green development of enterprises.Secondly,when considering the moderating effect of green technology innovation,financialindustrial integration is not conducive to the improvement of enterprise green development performance,but the interaction between financial-industrial integration and enterprises’ green technology innovation is significantly positive.This shows that green technology innovation plays an obvious moderating role in the relationship between financial-industrial integration and the green development performance of enterprises.Thirdly,from the perspective of the intensity of financial-industrial integration,when the intensity of financial-industrial integration is low,it has a significant negative effect on the green development performance of enterprises;With the increasing intensity of financial-industrial integration,the effect of financialindustrial integration on green development performance of enterprises turns from negative to positive,but it is not significant;After considering the moderating effect of green technology innovation,financial-industrial integration and green technology innovation can significantly improve the green development performance of enterprises;In addition,the intensity of financial-industrial integration in enterprises has a moderate range,within which financial-industrial integration can be better played.Fourthly,from the perspective of enterprise property rights and enterprise scale,financial-industrial integration has a significant promoting effect on the green development performance of non-state-owned enterprises and small-scale enterprises,while the impact on the green development of state-owned enterprises and large-scale enterprises fails the significance test.Based on the above conclusions,the thesis puts forward that enterprises should correctly handle the relationship between financial capital and industrial capital,clarify the purpose of carrying out financial-industrial integration,choose financial-industrial integration according to their own development,gradually increase the proportion of financial-industrial integration,and realize the strategic financial-industrial integration.The government should issue relevant policies to encourage enterprises to increase r&d investment,actively organize and participate in green technology innovation activities,and promote the green transformation of industrial economic development.To reduce the intervention of state-owned enterprises,through the establishment of an effective market-oriented guidance mechanism,the appropriate decentralization of power;Formulate relevant policies to encourage small-scale enterprises to integrate industry and finance,so as to maximize the promoting role of financial leverage for the green development of small-scale enterprises. |
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